Thursday, November 7, 2024
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Monzo tops CMA banking satisfaction survey once again

Monzo leads in UK banking satisfaction survey results conducted by CMA for both personal and business current accounts.

Facts

  • Monzo achieves the top position with an 80% approval rate for personal banking and 84% for business banking.
  • Starling ranks second with 79% and 82% recommendation rates for personal and business accounts respectively.
  • Lowest ranked personal account providers: Virgin Money, Royal Bank of Scotland, and TBS.
  • Lowest ranked business account providers: HSBC, The Co-operative Bank, and Virgin Money.
  • Adam Land from CMA emphasizes the impact of customer treatment on people’s lives and urges switching for better service.
  • Ipsos surveyed 16,046 customers for personal banking, and BVA BDRC surveyed 18,000 customers for business banking.
  • CMA issues letters to The Co-operative Bank and NatWest Bank for breaching the Retail Banking Order.
  • Banks are required to publish up-to-date service quality survey results; Co-operative Bank and NatWest failed to comply.
  • Retail Banking Order stems from CMA’s 2016 retail banking market investigation.

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